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Here are the details of the economic calendar from August 26:
The weekly applications data for US unemployment benefits was published yesterday, where they recorded an increase in volume instead of a decline.
Details of statistics:
The volume of initial applications for benefits rose from 349 thousand to 353 thousand.
The volume of repeated applications for benefits fell from 2,865 thousand to 2,862 thousand, while the previous data was revised in favor of growth from 2,820 thousand to 2,865 thousand. The forecast for the current figure was 2,790 thousand.
* Applications for unemployment benefits reflect the number of currently unemployed citizens and those receiving unemployment benefits. This indicator is considered to be the state of the labor market, where the growth of the indicator negatively affects the level of consumption and economic growth. The reduction of applications for benefits has a positive effect on the labor market.
The total number of applications for benefits remained unchanged, but this did not lead to a sell-off of the US dollar.
Analysis of trading charts from August 26:
The EUR/USD pair has slightly pulled back from the resistance area of 1.1785/1.1810. At the same time, the correction is still relevant in the market. The price changes are insignificant, as the quote is actually at the maximum of the correction. This may signal the accumulation of trading forces.
The trading plan on August 26 considered the restoration of dollar positions relative to the correction. The process is not fast, so the deadline was set for next week.
Unlike the euro, the GBP/USD pair managed to move to the recovery process relative to the correction, falling by about 80 points. The change of trading interests is confirmed, but the volume of short positions is still lacking to fully restore the downward course.
The trading plan on August 26 considered the possibility of a decline if the price rebounds from the resistance area of 1.3770/1.3800.
* The accumulation process is price fluctuations in a closed amplitude, where at the moment of the breakdown of a particular stagnation border, a local acceleration in the direction of breakdown often occurs.
Short positions or Short means sell positions.* A change of trading interests is when there is a change of direction in the market from ascending to descending or from descending to ascending.
August 27 economic calendar:
The only data today is America's personal spending and income for July, where a slight increase is predicted.
Details of statistics:
* The data on personal expenses and income is prepared by the Bureau of Economic Analysis of the US Department of Commerce.
The personal income indicator reflects the change in the total income of individuals, including salaries and salaries, interest income, dividends, rent, and compensation. A high result leads to the strengthening of the national currency, and a low indicator leads to its weakening.
The indicator for personal expenses reflects the change in the total volume of goods and services purchased by individuals.
Trading plan for EUR/USD on August 27:
Traders still consider completing the correction, which will take time. An increase in the volume of short positions is possible if the price is kept below the level of 1.1740. In turn, this will lead to a gradual weakening of the euro towards the range of 1.1700-1.1660.
Trading plan for GBP/USD on August 27:
The process of restoring dollar positions against the pound is in full swing, but the correction is only won back partially. The subsequent increase in the volume of positions to sell the pound is expected if the price is kept below the level of 1.3770. This can open the way towards the level of 1.3620.
What is reflected in the trading charts?
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
Golden Rule: It is necessary to figure out what you are dealing with before starting to trade with real money. Learning to trade is so important for a novice trader because the market is constantly dynamic and it is important to understand what is happening.
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